Incheon Port Authority Invests 76 Billion KRW in Port Infrastructure in First Half... Exceeds Early Execution Target

Incheon New Port Container Terminal
[Photo by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Incheon Port Authority announced on the 5th that it has executed a budget of 76 billion KRW for new port infrastructure investments in the first half of this year.

Amid the government's encouragement for early execution in the public sector to revive the regional economy stagnated by the prolonged COVID-19 pandemic, the Port Authority expedited the budget execution for projects such as the construction of Incheon New Port Phase 1-2 container berths and dredging of Incheon Port's First Channel and North Port.

Through proactive efforts including expanding advance payments on contracts, the authority exceeded the government's early execution target of 62.2 billion KRW by 22.2%.

The authority has been monitoring execution performance weekly to intensively manage projects with delayed execution and has implemented supplementary executions to cover inevitable investment reductions caused by factors such as bid price differences, striving to achieve its goals.

Choi Jeongcheol, Vice President of Management Division at Incheon Port Authority, said, "We have done our best to ensure that new port infrastructure investment projects play a leading role in the government's economic revitalization policies through early execution. In the second half of the year, we will make every effort to achieve the annual target through effective execution management to contribute to regional economic recovery and the growth of Incheon Port."

Meanwhile, the authority focuses on early budget execution in the first half of each year to revitalize the regional economy. The early execution rates by year have been increasing, with 72% in 2019, 75% last year, and 83% this year.

This content was produced with the assistance of AI translation services.